Changing trends present ‘tremendous challenges’
12 Apr 1993TODAY’S accountant has a vital role to play in the formulation of successful economic policies of countries, said Talal Abu-Ghazaleh, President of the Arab Society of Certified Accountants (ASCA).
He said the new world order was presenting tremendous challenges and changes, the last of which was the trend of the world economy towards globalization.
“The new world economic order seems to be taking the form of three huge economic regional blocs of industrialized countries with a protective wall around them against the rest of the world,” said Mr. Abu-Ghazaleh.
“Yet it is the developing countries that need to he protected, despite what we hear about the trend to liberalise trade and establish free trade agreements.”
He said these challenges were compelling accountants to provide decision-makers with the essential data needed to make effective economic decisions in a global market.
“This is the real responsibility of the accountant, which now goes beyond its historical role of preparing financial records.”
He said the new world order was presenting tremendous challenges and changes, the last of which was the trend of the world economy towards globalization.
“The new world economic order seems to be taking the form of three huge economic regional blocs of industrialized countries with a protective wall around them against the rest of the world,” said Mr. Abu-Ghazaleh.
“Yet it is the developing countries that need to he protected, despite what we hear about the trend to liberalise trade and establish free trade agreements.”
He said these challenges were compelling accountants to provide decision-makers with the essential data needed to make effective economic decisions in a global market.
“This is the real responsibility of the accountant, which now goes beyond its historical role of preparing financial records.”
He said accounting was a modern process which was the basic ingredient in economic decision-making.
“Lack of proper accounting systems in the Arab world is hindering economic development since economic decision-making relies on useful and correct information which can be understood,” said Mr. Abu-Ghazaleh.
“If accountants are unable to provide decision-makers with such information, the economic process will be handicapped.”
He blamed the accounting profession for its failure to live up to its expanding role in society. “The profession has, in the Arab world, lacked leadership, cohesion and a sense of direction,” said Mr. Abu-Ghazaleh.
“Lack of proper accounting systems in the Arab world is hindering economic development since economic decision-making relies on useful and correct information which can be understood,” said Mr. Abu-Ghazaleh.
“If accountants are unable to provide decision-makers with such information, the economic process will be handicapped.”
He blamed the accounting profession for its failure to live up to its expanding role in society. “The profession has, in the Arab world, lacked leadership, cohesion and a sense of direction,” said Mr. Abu-Ghazaleh.
He said the ASCA was trying its best to achieve the goals of developing accounting in the Arab world.
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